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A major shift is occurring in the health care industry. Deductibles are increasing. Insurance is paying for less and less. The number of uninsured is on the rise. The shift, referred to by some as the "rise of the self-paying patient," is creating nothing shy of a crisis for many health care providers.
The shift is causing health care providers throughout the U.S., including major hospital systems, to examine how they will adapt to the changing landscape. For example, providers are rushing to familiarize themselves with the various compliance regulations concerning "discounts" and "waivers." They are also having to explore how to maximize their collections with respect to growing patient-portion-due amounts, while growing their practices.
These two fundamental objectives - compliance and maximized collections - are now mission critical to the viability, success, and future sale value of many health care facilities. Compliance and maximized collections are the two factors driving the development of PayDC.
Unlike billing software, where the focus is on submitting charges to commercial payers, a Cash Payment System focuses on the patient side of the accounts receivable process.... "Basically, a Cash Payment System represents an entirely new type of financial software designed to help providers get paid and stay compliant in a highly-regulated environment," says PayDC CEO Randy Alexander.
To meet the two main objectives of a Cash Payment System - maximized collections and compliance - 5 core functions are required. For many providers, particularly those in the physiotherapy arena, these features include:
The 5 Core Features of a Cash Payment System:
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